Archive for June, 2013

Congress to review Tax Code making Pardon List

Friday, June 28th, 2013

Congress is reviewing tax code and they are looking at what tax breaks, credits and exemptions they should keep. Write your Senators NOW and remind them that things like the property tax deduction, mortgage interest and things relating to our children should be saved. Of late there have been a lot of things that are being thrown on the backs of the American people and this is something that you have a say in stopping.

The article appeared in a few main stream papers and hopefully a lot of web feeds.  It is coming though at a time now in the summer where people aren’t paying that much attention to what is going on already getting their brains wired for fun in the sun. 

I would expect the Earned Incomed Credit might still be on the “Pardon List” and there is always the case that lobbyists will cry foul if something is not being added as a credit.  A lot of credits though are not for the benefit of the American person but for special interests.  It takes some digging to see who actually benefits for getting a tax break.

Would so many people have bought a home if they didn’t get the mortgage interest and prop tax break?  Nope, don’t think so.

I would think that parents of children in college will be (or should be )screaming as well.  The American Opportunity Credit has been a blessing and in some cases it barely covers the cost of some books and lab fees. 

So how long does Congress (and you, by extension) have to get your two cents worth of tax credit in for the Pardon List?

They have until July 26 for the “Pardon List” so please get shaking and get on their cases.   Let ’em know what you think.  Have a safe summer.

Jun 28 2013

Kim Isaac Greenblatt

Congress to review Tax Code making Pardon List

Social Security is NOT entitlement

Wednesday, June 5th, 2013

Hi gang.  Back from a long posting absence (been busy with work and family).  Today’s post it about something that has been bugging me.    It is fairly detailed so stay with me.  

First some history about where social security came from. 

In America (the US), Social Security refers to the Old-Age, Survivors, and Disability Insurance (OASDI) federal program.  The original (the primary)  Social Security Act (1935) and the current version of the Act, as amended, encompass several social welfare and social insurance programs.

Social Security is primarily funded through dedicated payroll taxes called Federal Insurance Contributions Act tax (FICA). Tax deposits are formally entrusted to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, or the Federal Supplementary Medical Insurance Trust Fund which comprise the Social Security Trust Fund.    A lot of trust funds, huh?

Upward redistribution of income is responsible for about 43% of the projected Social Security shortfall over the next 75 years.

According to economist Martin Feldstein, the combined spending for all social insurance programs in 2003 constituted 37% of government expenditure and 7% of the gross domestic product. Social Security is currently estimated to keep roughly 40 percent of all Americans age 65 or older out of poverty.

People, social security is NOT an entitlement program.  Social security is a program where we, people that live in the United States, give part of our earned income into a program where the money was suppose to have been put aside for our retirements.  Over the years, Congress decided to start taking money from the fund and decided to fund it annually with taxes collected.  Not such a hot idea.

Money that is owed to people who have been paying into the system should be paid back to them – that is basic good business and people who are saying it is an entitlement program need to understand this.  Now – if you have people collecting benefits who have not paid into the system, that is a different story and I would agree with you that it isn’t fair. 

One of the proposed fixes is to increase the age to collect social security.  Fair enough but it has to be fair and there have to be incentives for people to continue to be in the program and government needs to show that they are taking care of people as they get older who have paid into it appropriately.

Stay well people.

June 05 2013

Kim Isaac Greenblatt

Social Security is NOT entitlement